Two Soldiers was performed about 10 times by the Jerry Garcia Acoustic Band in 1987 and 1988 and a similar number of times by Jerry Garcia and David Grisman between 1990 and 1994.

In Bob Dylan's liner notes for the 1993 World Gone Wrong album he acknowledges that Jerry Garcia showed him Two Soldiers;

Jerry Garcia showed me TWO SOLDIERS (Hazel and Alice do it pretty similar) a battle song extraordinaire, some dragoon officer's epaulettes laying liquid in the mud, physical plunge into Limitationville, war dominated by finance (lending money for interest being a nauseating and revolting thing) love is not collateral.....

Two Soldiers appears to be derived from a longer ballad which was published in the 19th century. This earlier song is usually called The Last Fierce Charge though versions have also been published with the titles The Battle of Fredericksburg and Custer's Last Charge.